{"id":6386,"date":"2026-03-22T23:13:51","date_gmt":"2026-03-22T17:43:51","guid":{"rendered":"https:\/\/www.businessupturn.com\/trade-policy\/?p=6386"},"modified":"2026-03-22T23:13:51","modified_gmt":"2026-03-22T17:43:51","slug":"india-iceland-accelerate-trade-ties-under-tepa-framework","status":"publish","type":"post","link":"https:\/\/www.businessupturn.com\/trade-policy\/india-iceland-accelerate-trade-ties-under-tepa-framework\/6386\/","title":{"rendered":"India, Iceland accelerate trade ties under TEPA framework"},"content":{"rendered":"<p class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\">Secretary (West) Sibi George met Iceland\u2019s Foreign Minister \u00deorger\u00f0ur Katr\u00edn Gunnarsd\u00f3ttir today to accelerate the\u00a0Aurangabad Fisheries FDI project\u00a0and strengthen\u00a0India-EFTA TEPA implementation, marking a concrete milestone in bilateral trade cooperation.<\/p>\n<p class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\">The Ministry of External Affairs confirmed the discussions focused on\u00a0trade facilitation, investment flows, and sector-specific partnerships in geothermal energy, fisheries processing, and clean technology. Both sides hailed progress since the\u00a0India-EFTA Trade and Economic Partnership Agreement (TEPA)\u00a0took effect on\u00a0October 1, 2025, following its signing on March 10, 2024.<\/p>\n<p class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\">Aurangabad Fisheries Investment Delivers Results<br \/>\nIceland\u2019s\u00a0$30 million FDI\u00a0in Maharashtra\u2019s Aurangabad has created\u00a01,700 direct jobs, representing TEPA\u2019s first major investment deliverable. This project exemplifies EFTA\u2019s landmark commitment of\u00a0$100 billion investments\u00a0and\u00a01 million jobs\u00a0over 15 years, prioritizing India\u2019s manufacturing and services sectors.<span class=\"inline-flex\" aria-label=\"EFTA investments begin flowing into India; Iceland pours ...\" data-state=\"closed\">\u200b<\/span><\/p>\n<p class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\"><strong>TEPA trade gains accelerate : <\/strong>Since implementation<\/p>\n<ul>\n<li class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\">Bilateral trade up $30 million<\/li>\n<li class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\">India eliminated tariffs on\u00a099% of EFTA goods\u00a0(precision instruments, watches, chocolates phased over 10 years)<\/li>\n<li class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\">85% Indian exports\u00a0duty-free, boosting textiles, pharmaceuticals, and IT services<\/li>\n<li class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\">EFTA Investment Desk\u00a0(operational February 2025) streamlining FDI approvals<\/li>\n<\/ul>\n<p class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\"><strong>Complementary clean energy projects: <\/strong>Parallel geothermal cooperation targets India\u2019s 10.6 GW untapped potential<\/p>\n<ul>\n<li class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\">ONGC Puga Valley\u00a0(Ladakh): 100 MW high-enthalpy pilot project<\/li>\n<li class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\">Oil India Arunachal Pradesh\u00a0hot springs exploration<\/li>\n<li class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\">Rajasthan CCUS facility: 200 tonnes CO\u2082\/day storage capacity<\/li>\n<\/ul>\n<p class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\"><strong>Strategic trade diplomacy context<\/strong><br \/>\nForeign Minister Gunnarsd\u00f3ttir (in office since December 2024) positioned India as Europe\u2019s key sustainable supply chain partner amid post-Ukraine realignment. The discussions aligned with WTO\u2019s March 19 Global Trade Outlook urging\u00a0\u201cpredictable trade policies\u201d\u00a0amid Middle East disruptions.<\/p>\n<p class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\">Secretary George\u2019s Europe Portfolio oversees TEPA execution, emphasizing job localization mandates and technology transfer. India\u2019s exports textiles, chemicals, engineering goods gain premium EFTA market access while importing world-class clean technology.<\/p>\n<p class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\"><strong>Economic multipliers for India<\/strong><\/p>\n<ol>\n<li class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\">Maharashtra employment: 1,700 jobs from single fisheries project<\/li>\n<li class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\">Energy diversification: Geothermal reduces Himalayan fossil fuel imports<\/li>\n<li class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\">Export revenues: Premium markets for pharmaceuticals, medical devices<\/li>\n<li class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\">Investment pipeline: $100B target across manufacturing\/services<\/li>\n<\/ol>\n<p class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\">India\u2019s FTA-First Strategy shines through this meeting importing clean technology while securing domestic job creation and high-value market access. The Aurangabad project demonstrates how TEPA converts investment pledges into tangible employment outcomes.<\/p>\n<p class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\">As EFTA nations realign supply chains toward sustainability, India-Iceland emerges as a model for green trade partnerships. Secretary George\u2019s economic diplomacy positions India to capture Europe\u2019s clean tech investments while exporting labor-intensive manufactures perfectly balancing import substitution with export promotion.<\/p>\n<p class=\"my-2 [&+p]:mt-4 [&_strong:has(+br)]:inline-block [&_strong:has(+br)]:pb-2\">This high-level engagement underscores India\u2019s strategic pivot toward\u00a0quality-over-quantity FTAs, delivering jobs, technology, and market access simultaneously amid global trade uncertainties.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Secretary (West) Sibi George met Iceland\u2019s Foreign Minister \u00deorger\u00f0ur Katr\u00edn Gunnarsd\u00f3ttir today to accelerate the\u00a0Aurangabad Fisheries FDI project\u00a0and strengthen\u00a0India-EFTA TEPA\u2026<\/p>\n","protected":false},"author":482,"featured_media":6389,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,1,52],"tags":[3603,3598,3599,3597,3602,3596,3605,3594,3606,3607,3601,3600,3604,3595,3608],"class_list":["post-6386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-india","category-news","category-trade-relations","tag-bilateraltrade","tag-cleanenergyindia","tag-fisheriesfdi","tag-geothermalenergy","tag-icelandfm","tag-indiaefta","tag-indiaeuropetrade","tag-indiaicelandtrade","tag-maharashtrainvestment","tag-netzero2070","tag-secretarywest","tag-sibigeorge","tag-sustainableenergy","tag-tepaimplementation","tag-wtotradeoutlook"],"reading_time":"2 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/trade-policy\/wp-json\/wp\/v2\/posts\/6386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/trade-policy\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/trade-policy\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/trade-policy\/wp-json\/wp\/v2\/users\/482"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/trade-policy\/wp-json\/wp\/v2\/comments?post=6386"}],"version-history":[{"count":4,"href":"https:\/\/www.businessupturn.com\/trade-policy\/wp-json\/wp\/v2\/posts\/6386\/revisions"}],"predecessor-version":[{"id":6392,"href":"https:\/\/www.businessupturn.com\/trade-policy\/wp-json\/wp\/v2\/posts\/6386\/revisions\/6392"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/trade-policy\/wp-json\/wp\/v2\/media\/6389"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/trade-policy\/wp-json\/wp\/v2\/media?parent=6386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/trade-policy\/wp-json\/wp\/v2\/categories?post=6386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/trade-policy\/wp-json\/wp\/v2\/tags?post=6386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}